February 19, 2025

Seafood Broth Market Estimated To Witness High Growth Owing To Rising Demand For Convenience Food Products

Market Overview:

Seafood broth refers to liquid stock or broth made by simmering bones, shells, and other seafood bits in water along with aromatic vegetables and herbs. It is a versatile ingredient that is used in various cuisines to add flavor and moisture to dishes. Seafood broth is commonly used in soups, stews, sauces, risottos and other seafood preparations. It is also available in canned, powdered and frozen formats for convenience. The rising demand for ready-to-cook and convenience food products is fueling the demand for seafood broth globally.

Market Dynamics:

The key drivers boosting the seafood broth market include rising demand for convenience food products and increasing seafood consumption globally. The fast-paced lifestyle has encouraged the trend of convenience cooking and prepared meals at home. This has elevated the demand for semi-finished and easy-to-cook ingredients like seafood broth globally. Additionally, growing middle-class population and rising disposable income in emerging nations is also prompting higher seafood consumption and expenditure on premium seafood products and ingredients. Furthermore, growth in the foodservice industry especially hotels, restaurants and cafes has also pushed the uptake of seafood broth as an integral ingredient. For instance, over 80% of seafood broth is used in commercial food preparations. However, fluctuations in raw material prices due to changing climate conditions and uncertainties remain a key challenge.

SWOT Analysis
Strength: The seafood broth market has high growth potential over the forecast period due to increasing health consciousness among consumers. Seafood broth is a rich source of protein and various vitamins and minerals. It is easy to prepare and cook with seafood broth.

Weakness: Fluctuating supply of raw materials needed to make seafood broth is a weakness for this market. Raw material price volatility can hamper profit margins. Quality control and consistency in taste is also a challenge for players in this market.

Opportunity:Growing demand for versatile broth for various cuisines worldwide presents lucrative opportunities. Innovation of broth products fortified with additional nutrients also offers opportunities.

Threats: Threat from substitute products like meat and vegetable broth. Stagnant economycan negatively impact the seafood broth market.

The global Seafood Broth Market Demand is estimated to be valued at US$ 748.6 Mn in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Key Takeaways
The global seafood broth market is expected to witness high growth, exhibiting CAGR of 3.9% over the forecast period, due to increasing health consciousness among consumers. Seafood broth is considered highly nutritious and contains high quality protein, vitamins and minerals.

Regional analysis: North America dominates the global seafood broth market with over 30% value share. U.S. accounts for the largest share due rising demand for convenient and healthy food products. Asia Pacific exhibits fastest growth led by countries like China and India. Rising middle class population and changing taste preferences drive demand.

Key players: Key players operating in the seafood broth market are Campbell Soup Company, Nestle S.A., The Kraft Heinz Company, Pacific Foods of Oregon, Bar Harbor Foods, BUMBLE BEE Seafoods, More Than Gourmet, Kettle Cuisine, Bonafide Provisions, College Inn. Leading brands are focusing on innovation and new product launches catering to changing consumer demands.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it

Money Singh
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. 

Money Singh

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. 

View all posts by Money Singh →